ESR News share：Security Bank Partners with Entrust to Elevate Digital Onboarding Experience
Source:Entrust
One of the Philippines' leading universal banks strengthens its digital-first strategy with a seamless and secure customer onboarding experience.
Entrust, a global leader in identity-centric security solutions, has announced a partnership with Security Bank, a leading financial institution in the Philippines, to enhance the bank's electronic Know Your Customer (eKYC) process. This partnership marks a significant milestone in Security Bank's digital transformation journey, reinforcing its commitment to providing a secure, seamless, and customer-centric banking experience.
The Philippines' digital banking market is poised for rapid expansion, with a projected compound annual growth rate of 31% through 2029, reaching a market volume of US$2.16 billion. Amid this surge in digital banking adoption, Security Bank is modernizing its eKYC process through its new Security Bank app to streamline the digital onboarding journey for its customers.
Security Bank selected Entrust for its proven expertise in secure digital identity verification and demonstrated success in the financial sector. The bank will leverage the Entrust Onfido Studio platform, which combines robust security features with advanced fraud detection capabilities, including deepfake detection and prevention. The platform's flexible orchestration capabilities enable Security Bank to create customized onboarding workflows while maintaining regulatory compliance.
"Security Bank is transforming digital banking in the Philippines, and we're proud to support their vision with advanced identity verification that makes onboarding both more secure and convenient," said Harvinder Singh, Regional Vice President of Sales, APAC at Entrust. "Our solution helps Security Bank deliver the experience their customers expect, while maintaining the highest standards of security and fraud prevention."
The partnership is delivering measurable results for Security Bank, including a significant increase in customer onboarding completions and reduced onboarding times. The bank is also leveraging Entrust dedicated technical specialists, who provide ongoing improvements and best practices to optimize the user experience.
"Our partnership with Entrust is a testament to our BetterBanking commitment to our customers," said Juan Mestas, SVP and Strategy, Innovation Architecture, and Platform Division Head at Security Bank. "By leveraging Entrust's advanced identity verification technology, we're not only enhancing the security and accessibility of our banking services but also ensuring that every customer interaction—digital or in-person—is convenient and reliable. Looking ahead, we plan to expand these capabilities across other services to give customers the best experience possible."
While initially focused on retail banking onboarding, Security Bank plans to extend Entrust identity verification solutions across its broader portfolio of services. The technology will be leveraged to enhance the customer experience across additional digital services, ensuring consistent security and convenience across all banking touchpoints.
"Our vision is to deliver truly integrated, omnichannel banking for our customers," said Malcolm Yow, SVP and Retail CTO at Security Bank. "With Entrust identity verification, customers will have a seamless experience whether they're using our new Security Bank app, visiting a branch, or accessing phone banking services. This integrated approach strengthens our position as a digital banking leader in the Philippines and reinforces our commitment to delivering innovative, customer-centric solutions."
About Entrust
Entrust is an innovative leader in identity-centric security solutions, providing an integrated platform of scalable, AI-enabled security offerings. We enable organizations to safeguard their operations, evolve without compromise, and protect their interactions in an interconnected world – so they can transform their businesses with confidence. Entrust supports customers in 150+ countries and works with a global partner network. We are trusted by the world's most trusted organizations.
About Security Bank
Established in 1951, Security Bank is one of the Philippines' leading universal banks and is publicly listed with the Philippine Stock Exchange (PSE:SECB) in 1995. The Bank's major businesses cover retail, corporate, commercial, and business (MSME) banking, offering a wide range of services including lending, leasing, foreign exchange, stock brokerage, investment banking, and asset management. The Bank has been recognized by international and local organizations for its continuous product innovation, market leadership, and best-in-class management practices.
